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The Impact of Restricting Tax Loss Transfers
出版ZEW - Leibniz Centre for European Economic Research, 2023
URLhttp://books.google.com.hk/books?id=IpNS0AEACAAJ&hl=&source=gbs_api
註釋We study the economic consequences of anti-loss trafficking rules, which disallow the use of loss carry-forwards as tax shield after a substantial ownership change. Using staggered changes to these rules, we find that limiting the transfer of tax losses reduces the number of M&As with loss-making targets by 22%. We further observe decreases in birth and survival rates of young companies in response to stricter regulations and vice versa. Tightening (loosening) anti-loss trafficking rules impairs (increases) return on assets, especially for R&D-intensive firms, and stricter rules lead to a decrease in successful patent applications.